We're almost 'live' as it were, and have had our first couple of bookings. The second is away in October, from someone I once worked with (briefly) in Belgium. I've given him a price in GBP but clearly he works in EUR. Is there a 'right' way to do this? Current exchange rate of 1.4EUR:1GBP seems handily even, but if he pays 1.4x the GBP price (IBAN bank transfer) am I likely to get hammered by the bank?
thanks,
john
How do you handle payments in other currencies?
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johnandtahra
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Beachcondo
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kevsboredagain
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It all depends on the banks being used. Most banks should now be able to process SEPA payments, the real cost of which is fractions of a pence. Many banks will correctly do these for free but some don't and will rip you off with some charges. My UK bank is one that charges excessively for Euro transfers. Some Euro banks also charge to receive money from a non Euro account.
The only way to know is read the terms of the banks in question.
Other options may be systems such as Paypal but it will cost 3.5%. Then there are currency services such as Transferwise or Currencyfair where you'll get a much better rate than the banks in any case. I personally use Transferwise to get my UKP from British guests back to Euros.
The only way to know is read the terms of the banks in question.
Other options may be systems such as Paypal but it will cost 3.5%. Then there are currency services such as Transferwise or Currencyfair where you'll get a much better rate than the banks in any case. I personally use Transferwise to get my UKP from British guests back to Euros.
Bessie, I get a lot of people from Canada. In the past, I have been sent a sterling draft by some ( by post) but mostly now, giving them a number of options (xe-trade, BT transfer, etc.) they opt for PayPal. I explain there is a cost to me and none have baulked at contributing to that. They are just pleased to be able to pay by credit card and understand there is a cost. I do point out that the receiving cost of doing two transfers through the bank would be less ( in my case £2 for a £99 deposit and £7 for the balance- my bank charge £7 for £100 and over) I invoice directly from my PayPal account and work out the sum using a reverse calculator so that I receive, in sterling, the exact amount for the rent. This the site I use for this calculation: http://www.clothnappytree.com/ppcalculator/ It is usually only a penny out either way. I should point out that in the past I have had people pay the fees at their end so it was possible, I think for those who were happy enough to say they were 'sending money to a friend'. I am not sure this is without cost now. Some may know. I find sending an invoice ( you will find this facility within your account but it has to be a business one) very straightforward and I have made a template with a thumbnail photo of my cottage on it.